The Impact of a Personal Finance Education Course on Financial Confidence and Markers of Financial Stress among Medical Residents: A Longitudinal Pilot Study

Abstract

OBJECTIVES The adverse effects of physician stress on health system performance are well documented. Financial stress is a notable cause of anxiety in medical residents; however, most residency programs lack formal, comprehensive financial education programs. Early single-center studies link financial education interventions to improved immediate fiscal well-being, but programs evaluating its long-term effects are lacking. METHODS Fifty (50) Emergency Medicine and Internal Medicine resident physicians from CommonSpirit Health's St. Joseph's Medical Center in Stockton, CA and Mercy One Medical Center in Des Moines, IA participated in a virtual 8-hour financial education course in April 2022. Participants completed pre-, post-, and 18-month follow-up course surveys to measure financial confidence in seven financial domains and six markers of stress of financial origin (SOFO). RESULTS Forty (40) of 50 residents (80%) completed the pre-and post-course surveys and 19 (38%) completed pre-, post-, and 18-month follow-up surveys. Immediately after the course, there was a statistically significant increase in financial confidence in all seven course domains (p < 0.01) and a significant reduction in SOFO markers (p < 0.01-0.02). At 18 months, financial confidence markers remained increased in most course domains, except related to debt and mortgage, passive income, and taxes. There was a strong association between financial confidence and SOFO immediately post course. Residents with low financial confidence were 15 times as likely to experience SOFO than those with higher financial confidence (p = 0.02). These associations did not persistent at 18 months. CONCLUSION Financial stress is a major contributor to anxiety among physician trainees. Our financial education program demonstrated a significant impact on financial confidence and markers of SOFO, especially in the short term. This offers promising results for personal finance education to serve as a feasible intervention to address physician stress but suggests the need for longitudinal education to maintain its beneficial effects.